secured loans

Premier_2

petunia100 wrote: »

can anyone tell me if this would work ?

What exactly?

If your husband is prepared to accept a charge on the property, then yes you could have the property in your name, assuming you alone could also raise the money to pay off the current joint mortgage and any other loan secured on it(perhaps by raising another loan in your name)


Only your husband will tell you if he will agree to that, and/or if he is willing to give up his 25% of the property altogether (current value about £50k) to give your kids a good home. I personally doubt the second option (give up all rights), as without a charge, there would be nothing to stop you selling the house and keeping that money. (but then I don't know your husband and whether he is taking legal advice)

CLAPTON

petunia100 wrote: »

After a trial seperation my husband and I have decided to separate. I own 3/4 of the property and would like to take over the mortgage of £30,000 on a property worth approx 230,000.

However as I do not work at the moment (we have young children) I am having trouble getting the mortgage. So I was wondering that if we took out a secured loan on the property (been unable to get unsecured loans) paid off the mortgage and then transferred the house into my name alone.As the loan would still be sucured on the house I was hoping that this may be a way round it.
Any ideas if this would work.

If you have no income you have zero chance of getting a (sole) mortgage unless your OH (or someone else ) guarentees the mortgage.

Similarly you have zero chance of getting a (sole) secured loan (usually they are more expensive than a mortgage and if you can't get a mortgage to cover the amount required you won't get a secured loan for that amount either).

If you're suggesting 'we' i.e. your OH and you jointly get a secured loan, why is that better than what you have already (and doubtless more expensive) as the house will have to be jointly owned to secured a joint loan on it.

Premier_2

I also wondered if that was what the OP was thinking, CLAPTON, but thought again.

I still hinted at it when I posted "...by raising another loan in your name..."

Now you've got me wondering, since you obviously think the same ...

petunia100

Premier wrote: »

What exactly?

If your husband is prepared to accept a charge on the property, then yes you could have the property in your name, assuming you alone could also raise the money to pay off the current joint mortgage and any other loan secured on it(perhaps by raising another loan in your name)


Only your husband will tell you if he will agree to that, and/or if he is willing to give up his 25% of the property altogether (current value about £50k) to give your kids a good home. I personally doubt the second option (give up all rights), as without a charge, there would be nothing to stop you selling the house and keeping that money. (but then I don't know your husband and whether he is taking legal advice)

Thanks for your reply, but you are not answering the question. My ex is not motivated by money.

petunia100

CLAPTON wrote: »

If you have no income you have zero chance of getting a (sole) mortgage unless your OH (or someone else ) guarentees the mortgage.

Similarly you have zero chance of getting a (sole) secured loan (usually they are more expensive than a mortgage and if you can't get a mortgage to cover the amount required you won't get a secured loan for that amount either).

If you're suggesting 'we' i.e. your OH and you jointly get a secured loan, why is that better than what you have already (and doubtless more expensive) as the house will have to be jointly owned to secured a joint loan on it.

As I cannot get a mortgage I was wondering if a secured loan company would be more willing to let me take over the loan as long as they were getting their money would they care?

petunia100

CLAPTON wrote: »

If you have no income you have zero chance of getting a (sole) mortgage unless your OH (or someone else ) guarentees the mortgage.

Similarly you have zero chance of getting a (sole) secured loan (usually they are more expensive than a mortgage and if you can't get a mortgage to cover the amount required you won't get a secured loan for that amount either).

If you're suggesting 'we' i.e. your OH and you jointly get a secured loan, why is that better than what you have already (and doubtless more expensive) as the house will have to be jointly owned to secured a joint loan on it.

Yes I am finding it difficult , although I'm surprised as I do have approx £200, 000 equity in the property. So for a mortgage of £30,000 they are not risking much.

Premier_2

petunia100 wrote: »

Thanks for your reply, but you are not answering the question. My ex is not motivated by money.

What is the question that you need answering, please? I realised I may not be anwersing the question, that's why I asked for clarification, but you didn't answer.

Premier_2

petunia100 wrote: »

As I cannot get a mortgage I was wondering if a secured loan company would be more willing to let me take over the loan as long as they were getting their money would they care?

petunia100 wrote:

Yes I am finding it difficult , although I'm surprised as I do have approx £200, 000 equity in the property. So for a mortgage of £30,000 they are not risking much.

No one is going to lend you any money, if you cannot demonstrate you have an ability to repay it.

Why would anyone lend you £30k secured on a property if the only way you can repay it is to sell the property it is secured on? How do you plan to meet the first monthly repayment? Take out another loan secured on the same property, perhaps?

petunia100

Because I will get benefits and maintenance from my ex.

jordan11_2

helpe please,
does any one knows about business loan and comercial rents ?? i am trying to rent a shop of 110msq in moseley village birmingham and the rent is 18000 pam is the resonaple?????